Bearn and MyFiziq to target 1M monthly users
MyFiziq Limited (ASX: MYQ) has continued to strengthen its relationship with of Bearn LLC, today announcing a funding agreement to target one million monthly users.
The companies have been working with each other for the past two months, formulating a marketing and expansion plan that would not only deliver 1M users, but would also expand the Bearn platform to allow for the volume provisions required to support the large already existing pre-registered users.
Bearn is a multi-sided health platform that offers users a unique experience in that they can earn cash for exercising, while interfacing with health and fitness brands and building a health profile.
When consumers download the Bearn app, they can "burn it and earn it", by using their smartphone to measure steps, flights, and distance, which the app automatically converts to calories burned.
One penny is awarded for each active calorie burned, enabling users to earn hundreds of dollars a year just for staying healthy and making healthy choices.
The app can sync with a wearable fitness device and users can earn additional cash for endorsing brands on social media, inviting friends to download the app, and for getting an annual physical or a flu shot each year (and more).
Bearn is also creating the first ever health credit score for consumers and is developing a food analytics benefit tied to grocery store purchases to help consumers combine healthy nutrition with exercise to reach their fitness goals.
Due to the current limitations of the Bearn app to deal with the scale of pre-registrations it has already received, Bearn approached MyFiziq to execute on a large-scale campaign to their pre-registered users.
A small injection of development capital and a further joint amount to execute on a direct to pre-registration onboarding campaign was sought, culminating in MYQ agreeing to fund a total of $500,000 over 4 tranches.
This will be broken down into an initial $200,000 paid for the platform scale to be implemented, followed by three $100,000 payments for the direct onboarding campaign.
Vlado Bosanac, Chief Executive Officer of MyFiziq, said of the agreement: “COVID has affected many amazing businesses. Bearn is a great company, and it was roadblocked due to the US COVID lockdowns and inability to roadshow and source new capital. I saw this as an opportunity to work with an already established partner and to enable Bearn to reach our joint goals. With 56,000,000 potential users it would be a shame to not empower Bearn to onboard a number that is significant to MyFiziq and a substantive move forward for Bearn. The sheer number of pre-registration Bearn had confirmed across all of the partnerships they have sign is an audience with an immediate desire for the Bearn product offering. Due to the exponential growth over the recent months, it has caused Aaron Drew CEO of Bearn more concern than joy.
“MyFiziq understands the requirement for uninterrupted scale for the users and I was happy to act on the needs of our partner and the potential it brings to MyFiziq. Aaron is very confident on the ability to deliver the number once the platform has the depth required to support the proposed influx. The launch of new improved Bearn app has been targeted for April 2021, giving Bearn ample time to make the platform improvements and engage the marketing campaign for the onboarding process.”
In response Drew said, "This funding will help Bearn hit its target and strengthen the relationship with MyFiziq. The number of pre-registrations we have achieved is beyond any expectation we had when modelling the business and application capacity. This caused some delays as we needed to have a robust and volume ready build. This has seen several changes in both our application, backend through put and design. I am happy to say we underestimated the attraction of a cash rewards system for users wanting to have appropriate motivation, when going after their health and fitness goals.
“I am extremely appreciative of the funding support and will be targeting the user number as a priority to return the support and trust we are being shown. I believe that this technology will enhance the engagement and gamification of health with our users and strengthen the value we bring to our advertiser and brand partners. This additional functionality has been a strong point of difference when demonstrating the Bearn offering and has played a very important strategic role in the reason we have expanded so quickly!"
The MyFiziq technology is embedded into the Bearn application and ready to reach into the 56,000,000 pre-registered users they have acquired through the companies’ existing partnerships.
With the new expanded platform integration, customers of Bearn will be able to access the MyFiziq technology, via the Bearn app, which is available on the Apple App Store & Google Play Store. The Bearn application with the MyFiziq in-app scanning capability has been released on both iOS, and Android to deliver maximum reach into their current pre-registered users.
The Bearn App with MyFiziq inside can be offered free by businesses for their employees and customers, by associations for their members, and by charities for their donors.
Users will earn access to the MyFiziq tracking technology under the Bearn reward program where they will receive an ability to check their goals are being achieved each week through the dollars they have earned. MyFiziq will be paid US$2.00 per scan from Bearn.
Further, users can now access a 12-month subscription at a cost of US$3.99 a month when purchasing an annual subscription to the measurement functionality, totalling US$47.88 allowing unlimited scans.
Bearn has secured contracts across multiple verticals, from health platforms, health, and fitness retailers to government bodies and some of the world’s largest wearables manufacturers and gym chains. All of these partnerships have resulted in over 56,000,000 pre-registrations for the application which now has the MyFiziq SDK’s embedded.